Any person or firm applying for a license as professional bondsman shall furnish with the application a surety bond in favor of the City in the sum of five thousand dollars ($5,000) to guarantee compliance with all rules and regulations required by the Clerk of the Toledo Municipal Court and/or any court with jurisdiction in the City, relative to providing adequate and sufficient surety on any bail bond, recognizance bond, appeal bond or other court bond. The obligors on any such surety bond shall be the applicant and a responsible surety, authorized to do business in the State of Ohio; provided that in lieu of a surety company bond the applicant or licensee may deposit with the Director of Finance an equivalent amount of cash, bonds of the United States, the State of Ohio or any of its political subdivisions which is not in default in the payment of any of its bonds or the interest thereon. The Director of Finance shall determine in each case whether the securities deposited are sufficient in value to comply with the requirements of this section. A surety bond provided under the provisions of this section shall be approved as to form by the Director of Law or an assistant Director of Law.
(1952 Code § 25-46-4)